2 (+11.1 points) and thereby surpass their expectations from the last survey 3 months ago. The employment figures, however, show a downward movement, with estimations dropping by 9.0 points for the upcoming quarter. The hesitant position with respect to employment figures shows that last quarter s job market expectations have not been fulfilled, yet. While still questioning the sustainability of economic growth the financial sector continues to employ cost discipline, says CFS Director Professor Dr. Jan Pieter Krahnen. Private and public sector at odds on bank levy An almost equal amount of respondents are either in favor of or against the bank levy. However, there is an evident discrepancy between private and public banks. While a relative majority of 40 % of the private banks favors the bank levy, 50% of the public banks oppose it. The respondents agree that the levy should flow into an external fund instead of being included in the state budget. 27 % choose the Deutsche Bundesbank as the institution to propose the yearly amount of the bank levy (while 21 % consider the European Systemic Risk Board the one in charge, in case there is a European solution). 4 % of the respondents think the Finance Minister should decide on the amount. More than the majority of the banks (52 %) express their support for a levy that affects all sorts of financial institutions, including insurance companies and other financial institutions (hedge funds, private equity firms etc.). The insurance companies for their part favor a solution, where only banks are obliged to pay the levy. With respect to the actual amount of the levy the panelists regard 1 bp (basis points) or 0.01 % of the balance sheet in the case of low systemic risk as appropriate. This can be compared to the 1.6 bp or % which arise from taking the amount of 1.18 billion proposed by the German government in perspective with the aggregate balance sheet of the German banking system of 7500 billion (Source: February 2010, Deutsche Bundesbank). In case of an average and high systemic risk the levy is considered to be 3 and 5 times higher, respectively. The banks differ in their opinion of how progressive the levy should be designed (see Figure 2). According to banks of the public sector the amount should be more than 3 times higher in case of high systemic risk compared to the amount the private banks regard as appropriate.

3 Figure 2: median bp (basepoints of total assets) Requirements of Bank Levy billion per year low average high systemic risk overall private sector banks public sector Financial transactions tax no alternative Another measure which has been extensively discussed, the Tobin tax, encounters considerable opposition as 65% of all respondents being against a tax on financial transactions. Whereas the bank levy only has a relative majority among private banks, it seems to be a much more appropriate regulatory instrument than the financial transactions tax, explains Professor Krahnen.

4 Index calculation of the CFS Financial Center Index The CFS - Financial Center Index is based on a quarterly management survey of currently 400 enterprises of the financial center of Germany. The survey contains four questions about the participant s view on different business parameters (transaction volume, profits, employment and investment in product- and process innovations). The answers to the questions may be given as positive, neutral, or negative and a response is requested for the previous and the current quarter. The index is compiled from different sub-indices, as all participants are allocated to branch-specific groups. Within each group, a balance of the share of positive and negative responses is evaluated and transformed into performance data. These performance data are then aggregated in order to constitute the CFS Financial Center Index. Due to construction, the maximum index value is 150, the minimum index value is 50; a value of 100 signalizes a neutral business sentiment. The survey-panel consists of enterprises and institutions of the financial industry and selected companies, which profit from the financial sector. History and Future prospects The CFS Financial Center Index is part of the Hessian project Financial Center Monitoring, which is to measure the competitiveness of the financial center of Germany in a European context. Further partners of the project are Landesbank Hessen-Thüringen (Helaba), Frankfurt Main Finance e.v. and Frankfurt School of Finance and Management. More Information about CFS-Financial Center Index, e.g. an overview of the survey and a broad definition of the German financial center can be found at: Profile CFS The Center for Financial Studies (CFS) is a financially independent research institute, affiliated to Goethe University Frankfurt. CFS conducts independent and internationally-oriented research on financial markets, financial intermediaries and monetary economics and interacts as the German partner with other international research centers specifically on the subject of financial market architecture and the role played by banks and stock exchanges. President of CFS is Prof. Dr. Dr. h.c. mult. Otmar Issing. Chairman of the supporting association: Dr. Rolf-E. Breuer. Overall management of the institute is conducted by the directors Prof. Michael Haliassos, Ph.D., Prof. Dr. Jan Pieter Krahnen, Prof. Dr. Uwe Walz. Profile Frankfurt Main Finance In Frankfurt Main Finance, the Financial Industry, the State of Hesse, the City of Frankfurt, as well as scientific institutions and the services sector have joined forces in order to strengthen Frankfurt s position in competition among the world s Financial Centres. As of October 15, 2009, Frankfurt Main Finance has 27 members: Bankhaus Metzler, Commerzbank, Corealcredit Bank, Crédit Agricole Cheuvreux, Deutsche Bank, Deutsche Börse, Dresdner Bank, Deutsche Vereinigung für Finanzanalyse und Asset Management (DVFA), DWS Investments, DZ Bank, Fides Falk Financial Services, Frankfurter Sparkasse, Frankfurt School of Finance and Management, Frankfurter Volksbank, Helaba Landesbank Hessen-Thüringen, House of Finance, ICF Kursmakler, KDB Krall Demmel Baumgarten, the State of Hesse, Morgan Stanley, P. Keppler Verlag, the City of Frankfurt, Tata Consultancy Services Deutschland, vwd Vereinigte Wirtschaftsdienste, White & Case, WHU Otto Beisheim School of Management and (starting from January 1, 2010) Wolfgang Steubing AG.

The efinance Company. Quarterly Report Quartalsbericht Contents 1. The Company 2. OnVista AG at a glance 3. Profit and Loss Statement according to US-GAAP for the period from January 1 to March 31, 2000

INTELLIGENT TRADING THE STOCK EXCHANGE FOR PRIVATE INVESTORS TRADEGATE EXCHANGE MORE THAN 6,000 EQUITIES AND ETFS / Large, small and mid-caps from leading German and international indices, e.g. DAX, CAC

INTELLIGENT TRADING THE STOCK EXCHANGE FOR PRIVATE INVESTORS TRADEGATE EXCHANGE FACTS 03 MORE THAN 6,000 EQUITIES AND ETFs / Large, small and mid-caps from leading German and international indices, e.g.

Market Shares by Stock Exchange Turnover in structured Securities Change at the top Deutsche Bank pushes down Commerzbank from its leading position with capital protection (100 %) Capital Protection Products

QUARTERLY STATEMENT AS OF MARCH 31, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group has made a dynamic start in the 2015 financial year and continues

Industrial Automation 4CONTROL Automotive Electronics We set Standards in Control and Communication Technology Softing Everything under 4CONTROL For the first three months of 2001, turnover and EBIT of

Market Making for Exchange Traded Funds Corporates & Markets Commerzbank your trusted partner in the ETF market Since the start of the new millennium, exchange traded funds (ETFs) have experienced phenomenal

Short CVs of candidates nominated for the Supervisory Board of Aareal Bank AG Dr Hans Werner Rhein Independent lawyer Dr Hans Werner Rhein was born in 1952. He has been practising law in his own law firm

/08 9-MONTHS REPORT Stable development of business in Q3 Lila Logistik confirms full-year forecast Key figures for the first three quarters of 2008 in accordance with IFRS 01.01. 01.01. Change in Change

Stock Exchange Turnover in Derivatives Structured products trading quiet Exchanges generate turnover of EUR 3.8 billion from structured products in February Following a very strong start to the year, trading

Doctoral degree scholarship in aeronautics and space travel technology Scholarship program Munich Aerospace grants scholarships to support young scientists in their doctoral studies. The scholarships are

2 0 1 4 HALF YEAR REPORT AS OF JUNE 30 T O O U R S H A R E H O L D E R S Dear shareholders, ladies and gentlemen, The Nemetschek Group continued its successful development in the second quarter of 2014

Postbank Group Interim Management Statement as of September 30, 2013 Preliminary Remarks Macroeconomic Development Business Performance Preliminary Remarks This document is an interim management statement

3/2012 Quarterly Financial Report Sales up by over 27 % to more than 35 million EBIT improved by 20 % to 3.4 million Quarterly Financial Report 3/2012 Dear shareholders, employees, partners and friends

University of St. Thomas Minnesota Commercial Real Estate Survey May 2011 About the Survey Herb Tousley, CCIM Director of Real Estate Programs, University of St. Thomas Thomas Hamilton, PhD, CRE, FRICS

SUSTAINABILITY REPORTING OF MAJOR GERMAN COMPANIES A STUDY OF COMPLIANCE WITH THE GRI GUIDELINES IN THE AREA OF ANTI-CORRUPTION Published: November 28, 202 Contents. Introduction... 2. Methods... 3. Results...

CIO Flash U.S. Fed tapering 19 December 2013 The art of tapering without spoiling markets (I) Final decision and first reaction Taper light, with strengthened forward guidance The Federal Open Market Committee

Semi-Annual Report for the Investment Fund ETFlab Deutsche Börse EUROGOV Germany 5-10 31 August 2009 Page 1 Note The Investment Fund referred to in this report is a fund under German law. Licence information

2013 HALF YEAR REPORT AS OF JUNE 30 To our shareholders Tanja Tamara Dreilich, Executive Board Dear shareholders, ladies and gentlemen, In the second quarter we were able to continue the solid development

Task Force on Commodity Futures Markets Report to G-20 TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS JUNE 2010 1 On behalf of the Technical Committee of the International

Acquisition and Management of SME Companies Company Presentation - Trigon Equity Partners GmbH Executive Summary Trigon Equity Partners is a Private Equity company with a strong focus on turnaround and

Room Plenum 10:00 (R)evolution of debt financing Placement and trading of Large Cap-Bonds via Deutsche Börse The Placement of bonds to Retail-Investors by the Deutsche Börse gains more and more interest

EBA s Proposed Definition of Shadow Banking poses Risks to the Real Economy Non-Financial Companies and their In-House Financial Services Companies Must Not Be Regarded as Shadow Banks by Supervisory Authorities

Jan Pieter Krahnen - Jörg Rocholl Designing the funding side of the Single Resolution Mechanism (SRM): A proposal for a layered scheme with limited joint liability White Paper Series No. 10 Designing the

One-to-one bank for the modern investor comdirect bank WestLB German Mid & Small Cap Conference London, 19 May 2004 Dr. Achim Kassow, CEO Agenda Performance After the bubble: record result and first dividend

Sparkassen The german Savings Banks 200 years of public banking serving the general public, SME s and communities Germany has established financial institutions that are not only successful in themselves,

Press release For business desks 7 May 2015 Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015 Revenues before loan loss provisions in the Group increased year-on-year

Company presentation bet-at-home.com AG March 2016 bet-at-home.com is a Europe-wide leading online gaming provider with offices in Austria, Germany, Malta and Gibraltar a listed company with 264 employees

To ensure the functioning of the site, we use cookies. We share information about your activities on the site with our partners and Google partners: social networks and companies engaged in advertising and web analytics. For more information, see the Privacy Policy and Google Privacy &amp Terms.
Your consent to our cookies if you continue to use this website.